Managing Director of State Trading Organisation (STO) Hussain Amr has stated preparations are underway to begin exporting oil to neighbouring countries.
Speaking to the press, Managing Director Amr said STO will start exporting oil to Sri Lanka in February as part of expanding its oil trade. Amr said STO is planning to buy a larger oil tanker to make the oil sold by the company more affordable to the public. STO currently utilises an oil tanker with a capacity of 25,000 tonnes.
Amr said the decision to export oil is also an investment to reduce oil prices in Maldives. The managing director said four barges are also currently being built to ease the distribution process. He said the barges will be brought to Maldives next year.
The managing director further said STO also aims to keep oil prices at the same rate regardless of global price fluctuations. He said the company managed to maintain oil prices without any changes, despite the increase in global oil prices.